Hochschild Mining plc (LSE:HOC) is looking for M&A. Eduardo Navarro, Chief Executive Officer said, "The fourth pillar is the disciplined capital allocation, which funding organic growth. We need to focus on debt repayment, capital return and, of course, value accretive M&A as we demonstrate with the option that we have signed with Monte Do Carmo. Our criteria for M&A is to bring things similar to Mara Rosa.

That's the size of the project that we believe that we can develop. We are talking about of a purchasing price of around $100 million and CapEx of $200 million. I mean, today, we have the option of Monte Do Carmo.

Monte Do Carmo is a very similar project of Mara Rosa. So that could be the criteria. We have an M&A team that they are looking every single time for new opportunities, and they are analyzing all the opportunities -- I mean, that they are available in Latin America.

I mean our target in terms of internal return is 50%, and that could be taken into account at the time that we review an opportunity on M&A".